Cardano (ADA) Price May Have Reached a Local Top
The post Cardano (ADA) Price May Have Reached a Local Top appeared on BitcoinEthereumNews.com.
Early Friday morning saw the movement of some previously dormant Cardano (ADA) coins. This was accompanied by a spike in the coin’s daily active addresses, signaling an uptick in trading activity. However, ADA’s muted price reaction in the past 24 hours suggests that the coin movement may not be for bullish purposes. ADA Tokens on the Move Santiment’s data shows that ADA’s age consumed rose to a seven-day high of 6.33 billion on Friday morning. This metric tracks the movement of long-held coins; therefore, when it spikes, it is noteworthy. This is because long-term holders rarely move their coins around. When they do, it often precedes a shift in market trends. Cardano Age Consumed. Source: Santiment The uptick in ADA’s age consumed is accompanied by a rise in the number of active addresses that currently trade the altcoin. Per Santiment’s data, the number of addresses involved in ADA transactions totals 54,200, the single-daily highest since March 6. Read More: Cardano (ADA) Price Prediction 2024/2025/2030 Cardano Active Address. Source: Santiment While an increase in an asset’s active address count ordinarily connotes bullishness, the decline in ADA’s price after the rally in its age consumed suggests that a local top may have been reached. This indicates that the coin could be poised for further decline. Cardano Price Prediction: More Decline Readings from Cardano’s one-day chart suggest that the altcoin may extend its decline. For example, the dots of the coin’s Parabolic Stop and Reverse (SAR) indicator, which highlights potential trend direction and reversal points, are positioned above its price. When these dots are so arranged, the market trend is bearish, and the price decline is poised to continue. Further, the setup of the coin’s Moving Average Convergence Divergence (MACD) indicator shows its MACD line (blue) below its signal (orange) and zero lines. This signals that…
Filed under: News - @ September 6, 2024 10:27 pm